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By Dave Svetlik

“If the American people ever allow private banks to control the issue of their currency, the banks… will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered… The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” Thomas Jefferson

Article 1, Section 8, Clause 5 of the U.S. Constitution reads, “The Congress shall have Power… To coin Money and regulate the Value thereof.” This is the money creation power vested in Congress by the Constitution.

It is impossible to exaggerate the importance of this Constitutional right of the U.S. Congress to create our nation’s money. Supreme Court decisions have ruled this power to include all forms of money – coin, paper, digital, and electronic.

Let this sink in. If our Congress has the power to create our nation’s money, why would our government ever need to borrow money? Why would there be government debt? The Constitution directs Congress to be the source of our nation’s money, not a borrower of our nation’s money. What happened?

What happened was the creation of the Federal Reserve Bank (the Fed) in 1913-14 by a small group of America’s most powerful bankers and complicit legislators, which effectively took the money creation power away from the U.S. Congress and gave it to the private banks.

The private banking industry now creates 97% of our nation’s money, issued as interest-bearing debt. Our government, which was explicitly given the right to create America’s money debt-free, is now required to borrow money, at interest, from private banks through the issuance of government bonds and treasuries. We, the People, are now in debt to the tune of trillions of dollars plus interest to the private banking industry, for money that should have been created, debt and interest-free, by Congress itself. We have become the servants of Wall Street.

It doesn’t have to be this way. No less a person than Abraham Lincoln gave us the solution long ago, “The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be the master and become the servant of humanity.”

The Alliance For Just Money has been working to accomplish exactly what Jefferson and Lincoln recommended – remove the money creation power from the private banking industry and return it to Congress where it constitutionally belongs.

The Alliance is organizing actions that will take place at the Federal Reserve Bank of Chicago from May 17th-19th. Visit the Mayday for Money webpage for a description of the planned events. Please take the time to look over the proposed actions and consider signing the letter to the Board President of the Chicago Fed. It is for the benefit of all.

Originally published on April 14, 2024, in the Middle Wisconsin online magazine.

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